Elements of the Dayrate Sample Clauses

Elements of the Dayrate. (a) The Dayrate will comprise: (i) a capital element (the "CE"); and (ii) an operating element (the "OE"). (b) The CE shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) as adjusted in accordance with this Clause 13 (Dayrate) [*****]. (c) The OE shall: (i) compensate the actual reasonable and documented operating costs and expenses incurred by the Operator in performing the Operating Services in accordance with the then applicable Work Programme and Budget, and be expressed as the fraction of such costs and expenses in the then applicable Work Programme and Budget evenly allocated to each Day of the Contract Year; provided that any amounts paid or to be paid by the Operator to the Lessee as a result of any Claim by the Lessee against the Operator under or in connection with this Agreement (including pursuant to Clause 11 (Gas Specification and LNG Specification)) shall not be included in the OE; (ii) be payable to the Operator by the Lessee for each Day during the Lease Period unless the Owner is required to pay the OE pursuant to: (A) Clause 3.4(b) (Operator's General Obligations); or (B) Clause 13.11 (Emissions and HSSE Performance); and (iii) be subject to a reduction in accordance with Clause 13.1(d) (Elements of the Dayrate). (d) During an FM Event, the Operator shall use reasonable endeavours to reduce its operating costs and, if the Operator is able to reduce its operating costs, it shall notify the Lessee of the amount by which its operating costs have been reduced and the reduced OE that is to be payable by the Lessee during the continuation of the FM Event. (e) Except as is agreed or determined in accordance with Clause 6 (Variations), the Nominal Set Rate and Adjusted Nominal Set Rate shall not otherwise be subject to escalation during the Lease Period.
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Related to Elements of the Dayrate

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